3) The difference between a single-step and multiple-step income statement is that a single-step income statement _____.

4) Which one of the following statements is true?

5) The _____ accounting convention uses the acquisition cost minus depreciation in valuing an asset on the balance sheet.

6) A new corporation issuing a common, no-par value stock for cash would include a journal entry a debit to _____.

7) Which type of organization would most likely have work-in-process inventory?

8) _____ is a measure of income or profit divided by the investment required to obtain that income or profit.

9) The following information is available for the Peter Company:

10) The following information is available for the Peter Company:

11) Company A’s revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its capital investment by 20% in Company A, return on investment will be _____.

12) When the variable costing method is used, fixed factory overhead appears on the income statement as a _____.

13) In absorption costing, costs are separated into the major categories of _____.